港股胜利证券(08540.HK)短线拉升涨超100%，消息面上媒体报道包括胜利证券在内多家香港本地券商 已完成第1号牌升级。 ...

港股胜利证券短线拉升涨超130%，报8.7港元。 ...

Group 1 - Amazon's global anti-counterfeiting team has expanded from operating in two countries to twelve, including the US, China, France, India, and the UK over the past five years [1] - The team has initiated over 200 civil lawsuits against bad actors and has facilitated more than $180 million in related compensation and enforcement penalties [1] - More than 65 individuals have been sentenced to prison as a result of Amazon's anti-counterfeiting efforts, which have also encouraged law enforcement agencies to pursue lawsuits and criminal penalties against counterfeiters [1] Group 2 - Amazon successfully collaborated with Chinese cultural brand POP MART to combat a supplier selling counterfeit products, specifically the THE MONSTERS LABUBU toys [2] - The counterfeit supplier was identified after months of tracking and investigation by Amazon's global anti-counterfeiting team, leading to a local enforcement action that seized over 700 counterfeit LABUBU keychains and thousands of packaging materials [2] - This partnership helped protect POP MART's brand reputation and intellectual property, aiding its expansion into international markets [2]

Company Updates - The company announced on June 20 that its new generation insomnia drug, Kewike (Dazodex), has been approved by the National Medical Products Administration for the treatment of adult insomnia characterized by difficulty in falling asleep and/or maintaining sleep, and it is not classified as a controlled substance [1] - Kewike has demonstrated excellent clinical data, addressing existing clinical pain points, and has potential as a blockbuster drug (BIC). It has been approved in 11 countries including the US, UK, Switzerland, and Hong Kong, and is the only DORA class insomnia drug approved by the European Medicines Agency to improve daytime functioning, with good safety profile and no withdrawal reactions or addiction data [1] - The company recently reached a supplemental agreement with Idorsia, agreeing to a one-time cash payment of $50 million and reducing sales milestone payments and royalty rates for Kewike, which is expected to facilitate its commercialization [1] Strategic Collaborations - The company announced a strategic collaboration with NextCure on June 16 to jointly develop SIM0505 (CDH6 ADC), granting global rights outside Greater China to NextCure. The company will receive up to $745 million in related payments during the potential development phase and tiered royalties based on net sales in the licensed regions [2] - SIM0505 utilizes the company's proprietary TOPOi payload and has shown strong anti-tumor effects in various solid tumor models during preclinical studies. It is currently undergoing Phase I clinical trials in China, with NextCure planning to initiate Phase I trials in the US in Q3 2025 [2] Clinical Development - The company completed the first patient dosing in the US for its self-developed tri-antibody SIM0500 (GPRC5D/BCMA/CD3) on June 18. This drug is developed based on the company's proprietary T-cell engaging multi-specific antibody platform and received Fast Track designation from the FDA in April 2024 [2] - A licensing option agreement was reached with AbbVie in 2025, with total milestone payments reaching $1.055 billion. The company has a rich pipeline of ADC and TCE platforms, and attention is recommended on the clinical progress of several early-stage products [2] Financial Forecast and Valuation - The company maintains its earnings forecast for 2025/2026, with the current stock price corresponding to 21.8x/19.5x P/E for 2025/2026. Considering the upward trend in sector valuations, the target price has been raised by 45.5% to HKD 12.8, corresponding to 24.9x/22.3x P/E for 2025/2026, implying a 14.1% upside potential [2]

直接参与虚拟资产牌照申请和系统对接事宜的业内人士对记者透露，多家香港本地券商（如胜利证券、 艾德证券等）已完成第1号牌升级，国泰君安国际并非唯一一家申请牌照的中资券商，未来或有更多机 构入局。券商主要开展的是"分销"性质的交易服务，而非自营交易所运营。 ...

Core Viewpoint - The company reported FY2024 results that met market expectations, with a slight decline in revenue but an increase in net profit, indicating resilience in a weak demand environment [1][2]. Financial Performance - FY2024 revenue was 23.51 billion, down 0.3% year-on-year, while net profit was 4.34 billion, up 8.6% year-on-year [1]. - In 2HFY24, revenue reached 12.63 billion, an increase of 2.6% year-on-year, and net profit was 2.47 billion, up 9.5% year-on-year [1]. - The gross margin improved by 1 percentage point year-on-year, benefiting from lower raw material prices [2]. - The net profit margin increased by 1.5 percentage points to 18.4% due to reduced financial expenses and effective tax rate [2]. Revenue Breakdown - Revenue performance by category for FY2024 showed declines in rice snacks (-1.2%) and leisure products (-2.6%), while dairy products saw a slight increase (+1.3%) [1]. - The company achieved low single-digit growth in revenue for rice snacks, driven by the launch of sub-brands [1]. - Emerging channels and overseas markets contributed to double-digit revenue growth, with sales from the snack wholesale channel increasing to approximately 10% of total sales [1]. Future Outlook - For FY2025, revenue is expected to grow steadily, with profit margins likely to remain stable [2]. - The company has implemented organizational changes to enhance marketing strategies and expand channels, which may positively impact future performance [2]. - The company anticipates stable growth across various product categories, supported by inventory management and reduced promotional spending [2]. Valuation and Estimates - The company is trading at 12.8/12.0 times FY2025/2026 P/E ratios [3]. - FY2025 profit forecast has been raised by 5.2% to 4.5 billion, with FY2026 forecast introduced at 4.7 billion [3]. - The target price has been increased by 10% to 5.8 HKD, reflecting an upward valuation trend [3].

Regulatory Actions - The People's Bank of China (PBOC) imposed a fine of 200,000 yuan on Yingcheng Rongxing Village Bank for failing to fulfill customer identity verification obligations [1] - Li, the former Deputy General Manager of the Risk Compliance Department at Yingcheng Rongxing Village Bank, was fined 11,000 yuan for the same violation [1] - The PBOC issued a warning and a fine of 10,000 yuan to Wainin Huishi Village Bank for multiple violations, including overdue use of temporary deposit accounts and failure to establish emergency plans for cybersecurity incidents [1][6] Ownership Structure - Harbin Bank holds a 100% stake in Yingcheng Rongxing Village Bank [2] - Harbin Bank also owns 100% of Wainin Huishi Village Bank [2]

Company Overview - The company has organized investor visits to Hong Kong to conduct research on local developers and projects [1] - The retail revenue in mainland China has been under pressure, with a year-on-year decline of 14% and a quarterly decline of 11% in Q4 2024 [1] - There are signs of easing pressure in mainland shopping malls, with expectations of a narrowing decline in retail revenue compared to Q4 2023 [1] Mainland Market Insights - The overall consumption environment in mainland China is improving, which is expected to positively impact the company's retail performance [1] - The performance of mid-range shopping malls is anticipated to outperform high-end projects in Shanghai, particularly in competitive cities like Wuhan and Shenyang [1] - Rental income is expected to perform better than retail revenue due to the high fixed rental proportion, although a slight decline in rental income is anticipated for the year [1] Hong Kong Market Insights - The rental income from Hong Kong properties is projected to decline by 9% in 2024 due to adjustments in major tenant lease renewals, with a minor decline of 1-2% when excluding this impact [2] - The company is selling a luxury apartment in the Yu Feng project for HKD 160 million, which may help in capital recovery and stabilizing financial statements [2] - The sales of residential projects in Hong Kong are in a steady selling phase, contributing a smaller overall income and profit [2] Capital Expenditure and Debt Management - Capital expenditure is expected to peak in 2025 as projects in Hangzhou are completed, with a gradual decline anticipated thereafter [2] - The company is likely to continue its scrip dividend plan to alleviate net debt pressure, with a projected increase in net debt ratio by the end of 2025, remaining below 40% [2] Profit Forecast and Valuation - The profit forecast remains unchanged, with an upgraded target price of HKD 8 per share, reflecting a 13.6 times core P/E for 2025 and a 6.5% target dividend yield [3] - The company is currently trading at a 7.5% dividend yield, providing strong attractiveness in the current market environment [3] - The easing of fundamental pressures and the decline in HIBOR are expected to positively impact interest expenses [3]

6月13日，云知声通过港交所聆讯，并于6月20日公布招股详情：计划发行156万股，定价区间为每股165.0至205.0港元，预计最多融资3.2亿港元（约合 4080万美元），股票代码为"9678"。 好家伙，老牌AI公司云知声的日子也是要好起来了！？ 这不，最近我们频繁的看到关于深耕语音领域的云知声要赴港IPO的消息。 那问题来了， 日子真的要好起来了吗？答案好像也没有那么简单。 与通常AI企业上市动辄数十亿的融资规模相比，云知声此次的募资额度显得异常"保守"和"迷你"。这一现象引发了市场的广泛关注与讨论：这究竟是一次 为储备弹药、大展拳脚的扩张性IPO，还是在重重压力之下，一场为了"上市而上市"的求生之举？ 深入剖析其招股书，我们发现，云知声的港股之旅，更像是一幅描绘了当前众多AI企业在技术理想与商业现实夹缝中艰难前行的缩影。 作为专注AI时代下，AI前沿科技及大公司商业秩序的精品自媒体，我们也试图做一个分析。 "赎回负债"压顶：上市或是唯一解药 云知声此次IPO最引人注目的，并非其宏大的AI叙事，而是其资产负债表上一项高达33亿人民币的巨额"赎回负债"。这串冰冷的数字，是理解其"保守"上 市背后动因的关键 ...

Core Insights - Tencent's "Honor of Kings" continues to lead the global mobile game revenue chart, benefiting from strategic IP collaborations and content innovation, particularly during key Chinese holidays [1][3] - Global mobile game consumer spending reached approximately $6.85 billion in May, marking a 5.4% increase from the previous month, with the U.S. contributing about $2.13 billion, accounting for 31% of global revenue [1][3] Revenue Rankings - "Honor of Kings" remains at the top, followed by "Whiteout Survival," which has climbed to second place due to engaging dynamic events [1][3] - "Last War: Survival" holds the third position, driven by strong social features and regular content updates [3] - "Royal Match" ranks fourth, attributed to its addictive puzzle mechanics and frequent new area releases [3] - "MONOPOLY GO!" maintains its fifth position by integrating social gameplay with popular themes [3] Growth Highlights - "Gossip Harbor" enters the top ten due to successful events that increased player engagement and revenue [4] - Bandai Namco's "SD Gundam G Generation Eternal" leads the revenue growth chart, driven by its popular IP and special events [4] - "Game For Peace" sees significant growth, ranking seventh overall, supported by major updates and collaborations [4] - Netmarble's "Seven Knights Re: BIRTH" quickly rises to third in revenue growth, showcasing the strength of its beloved IP [5] Download Rankings - "Block Blast!" retains the top spot in global downloads, demonstrating its broad appeal and effective user acquisition strategies [6][7] - "Garena Free Fire" climbs to second place, reflecting its sustained popularity in key markets [6] - "ROBLOX" remains third, bolstered by brand experience events [6] - "Ludo King" and "Subway Surfers" round out the top five, highlighting the enduring appeal of classic games [7] Market Insights - Global mobile game downloads reached 4.3 billion in May, with India leading at 881 million downloads [7] - The rise of Gen Alpha slang in gaming is noted, with games like "Brainzot Tip Tap Challenge" gaining traction in key markets [7] - "Mobile Legends: Bang Bang" sees a resurgence in downloads, particularly in India, due to localized events [8]